What is necDAO & How do I Get Involved?

﻿The necDAO is the largest DAO of 2019, having launched with circa 17,000 ETH!

Its guiding purpose is to place control of funds directly into the hands of Reputation holders, who will be entitled to drive and subsequently vote on proposals submitted to necDAO. The necDAO further empowers developers, writers, researchers, and other professions to contribute to (and be rewarded for) the growth of the Nectar and DeversiFi ecosystem through the successful submission of proposals.

necDAO’s creation is an expression of DeversiFi’s core mission — to play its role in building and leading the evolution of decentralized finance. We believe DAO technology is an indispensable component that will sit at the heart of the new DeFi ecosystem, facilitating decentralized decision making, collaboration, and individual empowerment through the innovative use of smart contracts and blockchain.

WHERE HAVE THE FUNDS COME FROM?

The c. 17,000 ETH in necDAO was originally collected as a reward for market makers of the Ethfinex exchange. In the first phase of the Nectar token roadmap, tokens were issued to traders who added liquidity to the Ethfinex order-books in proportion to their volume. These tokens could then be used to redeem the collected ETH rewards, used as a voting tool or traded on the open market.

With the closing down of Ethfinex and the emergence of DeversiFi, Ethfinex has now pledged these collected rewards to the necDAO, placing majority control over their use into the hands of Nectar holders who have claimed Reputation. DeversiFi agreed to carry on the Nectar torch for Ethfinex, keeping it alight with the goal of serving the DeversiFi and Nectar ecosystem.

HOW TO GET INVOLVED

There are two ways to play your role and get involved in necDAO today:

1. Becoming a member

You can become a voting member of necDAO and enjoy the right to vote or downvote proposals. To become a member of necDAO you will need to first own Nectar tokens, which you can then use to claim reputation. You can also earn Reputation by submitting proposals or by bidding GEN tokens or requesting an airdrop during the Bootstrap Phase lasting exactly 4 weeks from the 18th December 2019.

Learn more about Reputation and how to get it here.

2. Becoming a proposer

Provided you are able to use an on-chain Ethereum waller (in this case MetaMask), anyone, anywhere, at any time, is free to submit a proposal to necDAO, provided it serves either Nectar or DeversiFi in a beneficial way. Reputation is NOT required to submit proposals. Unlike the Nectar ecosystem, proposals for DeversiFi may be subject to final stage approval from the DeversiFi team due to the more sensitive running of the DeversiFi platform.

Learn more about Proposals and how to make them here.

Extra Resources

Below you can find an array of valuable content harvested from the DAOstack ecosystem, designed to educate and help onboard new members.